Tag Archives: IRS Debt

How DMX Racked Up $1.7 Million In IRS Tax Debt And What Happens Next

“Every time I turn around, cats got they hands out wanting something from me. I ain’t got it, so you can’t get it.” These lyrics from rapper DMX’s 2003 hit “X Gon’ Give It to Ya” describe his scrappy rise to fame, but earlier this year, New York’s acting U.S. district attorney Joon Kim connected […]

A List of Common IRS Penalties and Fees, and How to Avoid Them

A sizeable tax bill to the IRS is bad enough on its own, but if you’re late in paying it, fail to file or make a mistake, your bill could be compounded by a number of IRS penalties, fees and interest—all of which could make a huge bill even more difficult to pay. Some penalties […]

Steps To Take After An IRS Wage Garnishment

It’s payday, and you eagerly check your bank account balance. Imagine your surprise when you see that it’s way smaller than you expected. What happened? Maybe the IRS garnished your wages. They can take this aggressive step if you owe back taxes and haven’t responded to numerous collection attempts. However, even if you missed these […]

Ways To Help Your IRS Enrolled Agent Help You

If you need surgery on your broken leg, you may need to see an orthopedic specialist. In the same way, IRS enrolled agent is a certified specialist in tax: An enrolled agent offers specialized tax knowledge and assistance if you face tax fraud or evasion charges, a levy or lien, or execution of an IRS agreement. […]

Dating While You’re In Serious IRS Debt

You’ve met someone special, and you think there’s a possibility of something real there. However, a serious IRS debt hangs over your head, and you’re not sure how or when to reveal it. And you have cause for concern: a recent CreditCards.com survey found that 55 percent of women and 37 percent of men would break […]

6 Tips From Science Help You Stop Ruminating On Your IRS Debt

When you face a large IRS debt, your mind may keep replaying the situation: Like a broken record endlessly playing in your mind, you may think, “How will I get through this? Why didn’t I do something different? What if I lose my house, business or family? What’s going to happen next?” Such repetitive thinking—known […]

Rebuilding Your Credit After IRS Debt: Dos and Don’ts

Delinquent IRS debt may negatively impact your credit score even after it has been settled or paid off. A low credit score can make it difficult for you to buy a house, finance a car or get a loan. Follow these tips to improve your credit score. Check Your Credit Report The IRS won’t report […]

How to Run a Small Business and Motivate People While Under a Cloud of IRS Debt

As a small business owner, you’re at a higher-than-average risk of being audited. If you have IRS debt while running your company, the stress and uncertainty associated with your burden can distract your focus: It’s no fun to market your products or services with an IRS black cloud hanging around in the background; It’s anxiety-provoking […]

Communicating with the IRS About Money You Owe the Government: 4 Do’s and 2 Don’ts

You’ll be communicating with government agencies often if you have IRS debt. Your communications may affect your installment plan and overall payment amount, so observe the following do’s and don’ts: Do Respond To All Communication Never ignore letters or phone calls from the IRS. Having an IRS debt can be daunting, but ignoring the situation […]

Podcasts Share Secrets of Breaking the IRS Debt Cycle

You’ve just completed your taxes and—like last year and the year before that—you’ve once again discovered that you’re going to owe Uncle Sam a good chunk of money. Now’s the time to figure out what you’ve been doing wrong and what you can do differently in the coming year. Your goal should be to break […]